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The uncertainty of the future of Puerto Rico municipal bonds continues to weigh on the municipal bond market. Bonds in the S&P Municipal Bond Puerto Rico Index have settled into an average price of just over 50 cents on the dollar with the low point of 47.27 on July 8th 2014. The index tracks over $73billion in par amount of bonds. Puerto Rico is an important segment of the municipal bond market as many of these federal and state tax-free bonds are held in State based mutual funds. While revenue bonds have held their own, year to date the S&P Municipal Bond Puerto Rico General Obligation Index has returned a negative 1.53%.